Here is the key factor to keep in mind today for British Pound trades:
- UK Rightmove House Prices: UK Rightmove House Prices for December decreased by 2.6% monthly and increased by 1.2% annualized. Forex traders can compare this to UK Rightmove House Prices for November which decreased by 0.8% monthly and which increased by 1.8% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese BSI Large Industry Index and BSI Large Manufacturing Index: The Japanese BSI Large All Industry Index for the fourth-quarter was reported at 6.2 quarterly and the Japanese BSI Large Manufacturing Index was reported at 9.7. Economists predicted a figure of 5.8 and of 10.0. Forex traders can compare this to the Japanese BSI Large All Industry Index for the third-quarter which was reported at 5.1 and to the Japanese BSI Large Manufacturing Index which was reported at 9.4.
- Japanese Money Stock M2 and Japanese Money Stock M3: Japanese Money Stock M2 for November increased by 4.0% annualized and Japanese Money Stock M3 increased by 3.4% annualized. Economists predicted an increase of 4.1% and of 3.5%. Forex traders can compare this to Japanese Money Stock M2 for October which increased by 4.1% annualized and to Japanese Money Stock M3 which increased by 3.4% annualized.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for November increased by 46.9% annualized. Forex traders can compare this to Japanese Machine Tool Orders for October which increased by 49.8% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 151.200 to 152.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 151.600
- Take Profit Zone: 153.400 – 154.000
- Stop Loss Level: 150.700
Should price action for the GBPJPY breakdown below 151.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 150.700
- Take Profit Zone: 149.500 – 149.800
- Stop Loss Level: 151.200
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
